Intercontinental Exchange (NYSE: ICE), the global network of exchanges and clearing houses, has entered into a definitive agreement to acquire SuperDerivatives for $350 million in cash. SuperDerivatives provides risk management analytics, financial market data and valuation services. The transaction is expected to close in the fourth quarter of 2014.
ICE Chairman and CEO Jeffrey C. Sprecher said, “SuperDerivatives is an innovative developer of valuable derivatives data and technology, and will play a key role in extending our financial market clearing and data capabilities. We already work with SuperDerivatives in our existing businesses and we look forward to extending that work with the global SuperDerivatives team as we grow our risk management services across our global exchanges and clearing houses.”
SuperDerivatives Chairman, CEO and founder David Gershon said, “Over the past few years ICE has taken the lead in shaping the evolution of the financial markets. We strongly believe that with the data, technology and the broad suite of products SuperDerivatives offers there are great benefits we can deliver to the market including efficiency, transparency and innovation. We believe that joining with ICE opens a tremendous opportunity for us to deliver our innovative products and services across the globe.”
SuperDerivatives is based in Tel Aviv, and employs about 300 people. Gershon founded the company in 2000 and SuperDerivatives was chosen by "Globes" as one Israel's most promising start-ups in 2006. SuperDerivatives planned an IPO about six years ago at a valuation of some $1 billion, but the move did not go ahead. There have been reports in recent years that the company was for sale and that an investment bank was seeking a buyer. According to IVC, among the investors in the company are the Accel, Pitango, and Shavit funds while Gershon, with a 50% stake in the company will earn $175 million from the exit.
SuperDerivatives provides risk management analytics and systems across all asset classes, including interest rates, FX, credit, equities, energy and commodities to customers ranging from banks, asset managers, corporations, central banks, auditors and brokers.
The company’s DGX front-end data system is a powerful web-based platform to deliver real time analytics, data, news and multi participant chat with video in a cost-efficient manner. Other products and services include independent valuation, market data for mark-to-market, multi-asset derivatives front office and risk systems and a multi-asset OTC execution platform.
Published by Globes [online], Israel business news - www.globes-online.com - on September 5, 2014
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